Potential Governor Candidate Will Repeal AC Takeover if Elected

A Democratic candidate for the governor's office next year said he'll cancel the state takeover of Atlantic City if he is elected.

Phil Murphy spoke Friday in the gambling resort, where he received the endorsement of some South Jersey African-American elected and community leaders.

Republican Governor Chris Christie's administration seized power Wednesday over Atlantic City's assets and major decision-making power after determining the city is unable to make the hard choices needed to stabilize its finances and pay off its half-billion-dollar debt. According to Murphy, an austerity plan proposed by the city should be given a chance to work.

Murphy is a multimillionaire former chairman of Goldman Sachs. Currently he is reportedly the only Democratic candidate who would be making a run for the position.

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